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March3,2017
DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
AlibabaChartoftheWeekAmazonChartoftheWeek
Deborah Weinswig Managing Director,
Fung Global Retail & Technology
US: 917.655.6790
HK: 852.6119.1779
CN: 86.186.1420.3016
March 3, 2017
1) Thisweek’snote“FromtheDeskofDeborahWeinswig”discussestheestimated$2.5billioninrevenuethatwillbefreedupforotherretailerstograbonceJCPenney,Macy’sandSearscompletetheirrecentlyannouncedstoreclosures.
2) AccordingtoMoody’sInvestorsService,thenumberofUSretailersrankedatthemost-distressedlevelofthecredit-ratingspectrumhasmorethantripledsincetheGlobalFinancialCrisisof2008–2009andisheadingtowardrecordlevelsinthenextfiveyears.
3) GermandiscountgrocerLidlhasunveiledanewconceptstorecalledLoftinCalais,France,whereitalreadyhastwostores.Loftfeatureswideraislesandmorethan1,600products.Thestore’sheat-reductionandwaste-recyclingprocessesmakeitenvironmentallyfriendly.
4) Todevelop5Gtechnology,China’sHuaweideploysanR&Dstaffof80,000,challengingEurope’sdominance.ThatcouldgiveHuaweiasizableedgeatatimewhenallsuppliershavesettheirsightson5G,whichpromisestobeawellspringofrevenuebyenablingsmootherandfasterinteractionbetweenconnectedobjects.
China:RetailersShoppedMostOftenforApparelAlibabaGroup’sTmallsiteranked#1amongChinese
consumerswhowereasked“Wheredoyoushopmostoftenforapparel/clothing?”
Base:5,529InternetuserssurveyedinDecember2016Source:ProsperInsights&Analytics
16.6%
18.0%
20.2%
22.2%
24.5%
25.6%
62.4%
JCPenney
Walmart
Macy's
Kohl's
Target
BestBuy
Amazon.com
US:Consumers’LikelinesstoRecommendTopRetailersShoppedintheLast90Days
Amongthemost-shoppedUSretailers,Amazonwasranked#1byconsumerswhowereasked“Howlikelyisitthatyouwould
recommendthefollowingretailer(s)toafriendorcolleague?”
Base:7,591InternetuserssurveyedinJanuary2017Source:ProsperInsights&Analytics
3.1%
3.3%
3.3%
3.7%
4.2%
5.1%
5.3%
10.8%
15.2%
NewWorld
SenMa
H&M
Nike
Walmart
Vipshop
Parkson
TaoBao.com
Tmall.com(AlibabaGroup)
Taobao.com
Kohl’s
Macy’s
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March3,2017
DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
FromtheDeskofDeborahWeinswig
The$2.5BillionGrabforDepartmentStoreSales
Lastweek,JCPenneybecamethelatestbigUSdepartmentstorenametoannouncearoundofstoreclosures.Thecompanysaiditwillshutter130–140storesaswellastwodistributioncentersoverthenextfewmonthsinamoveto“alignthecompany’sbrick-and-mortarpresencewithitsomnichannelnetwork.”JCPenney’sannouncementechoesanearlieronebyMacy’s,whichsaidinAugust2016thatitintendedtoclose100stores.SearsandKmartcontinuetoclosestores,too.SearsHoldingsannouncedinJanuarythisyearthatitwouldclose42Searsstoresand108Kmartstores.
Below,wesummarizetherevenuesthatrivalretailerswillhaveanopportunitytomopupasaconsequenceoftheseclosures.
JCPenney
JCPenneyemphasizedthatthelocationsitwillclosearelower-salesstores,specifyingthatthe130–140storessettobeclosedaccountedforlessthan5%oftotalcompanysales,despiterepresenting13%–14%ofitscurrentstoreportfolio.Basedonanaverage135storeclosures(themidpointoftheannouncedrangeofclosures),weestimatethatstoressettoclosegeneratedapproximately$600millionincombinedsalesintheyearendedJanuary2017.
IfweassumeJCPenneycanholdontoapproximately20%ofthesesalesbyshiftingthemtonearbystoresoritswebsite,thedollarvalueofsalesfreeduptorivalscomesdownto$482million.
Macy’s
Macy’sputacleardollarfigureontherevenuesitexpectstolosetorivalswhenitcloses100stores:thecompanyestimatesitwilltakea$1billionhittosalesafteradjustingforsalesretainedatotherMacy’sstoresandonMacys.com.Thecompanydidnotprovideagrossfigureexcludingretainedsales,butsaiditretainedbetween10%and45%ofsalesfrompreviousclosures.
Thisbillion-dollartotalequatesto$10millioninsalesforeachstorethatwillclose.GiventhattheaverageMacy’sstoreturnedover$30millionintheyearendedJanuary2017,itisclearthattheretailerisclosingoutletsthatareunderperformingatthetopline.
SearsandKmart
WhenSearsHoldingsannounceditslatestroundofclosuresacrosstheSearsandKmartbanners,itstatedthatthe150storessettoclosegeneratedaround$1.2billionintotalsalesinthepast12months.AsatJCPenneyandMacy’s,thestoresbeingclosedarelow-salesstores:weestimatethatthis$1.2billiontotalisapproximatelyone-thirdlessthanthetotalsalesthat108averageSearsstoresand42averageKmartstoresgeneratedintheyearendedJanuary2017.
Ifthecompanycanretain15%ofthesestores’sales,thetotalvalueofsalesfreeduptorivalswillbeabout$1.02billion(weassumeSearsandKmartwillseelowerretentionratesthanJCPenneywillbasedonshopperpreferencedatafromourresearchpartner,ProsperInsights&Analytics).Weestimatethetotalsalesopportunityforrivalswillbesplitasroughly$418millionfromSearsand$602millionfromKmart.
InShort,a$2.5BillionOpportunityforRivals
So,whatisourestimatedtotal?Ourbasicmathworksoutas$482million+$1billion+$1.02billion,suggestingthatrivalswillmopupsome$2.5billioninextrasalesonceJCPenney,Macy’s,SearsandKmarthavecompletedallthestoreclosurestheyhavealreadyannounced.Thatestimateisbasedonourownassumptionsregardingsalesretentionratesaswellasonthosebytheretailersthemselves.
ThesubjectofUSstoreclosuresisonethatwewatchcloselyandonethatwewillcontinuetocoverinourreportstrackingthechangingretaillandscape.
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March3,2017
DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
USRETAILEARNINGS
Source:Companyreports
USRETAIL&TECHHEADLINESRetailCyberattacksDowninFourthQuarter(February28)JOC.com• AccordingtoanewreportfromcontentdeliverynetworkandwebsecurityfirmAkamai
Technologies,cyberattacksagainstretailerswereonthedeclineinthefourthquarterof2016.However,thatdoesnotmeanretailerswerefreefrommajorsecurityeventsduringtheholidayseason.
• AkamaianalyzedwebsecuritydatabetweenNovember22and29,thedayssurroundingThanksgiving,whichwasthestartoftheholidayshoppingseasonintheUSand,likewise,thepeaktimeforcriminalactivityonline.Thefirmfoundthatwebappattacksdeclinedby19%yearoveryearinthefourthquarter.
Company
Revenues(USDMil.)YoY%Change GrossMargin(%)
Change(bps)
NetIncome(USDMil.)
YoY%Change StoreFleetEOP
Period TY LY
TY LY
TY LY
TY LY
AmericanEagleOutfitters 4Q16 1,097 1,106 (0.8) 35.4 35.1 32 55 82 (33.1) 1,226 1,188
DollarTree 4Q16 5,635 5,365 5.0 32.1 30.8 126 322 229 40.5 14,334 13,851
FootLocker 4Q16 2,113 2,007 5.3 33.7 33.6 11 189 158 19.6 3,437 3,447
Gap 4Q16 4,429 4,385 1.0 33.9 32.8 105 220 214 2.8 3,659 3,721
JCPenney 4Q16 3,961 3,996 (0.9) 33.1 34.1 (99) 192 (131) 246.6 1,000 1,021
KateSpade 4Q16 471 429 9.8 59.2 60.2 (95) 86 61 39.2 448 255
Kohl’s 4Q16 6,205 6,387 (2.8) 33.4 33.1 33 252 296 (14.9) 1,183 1,164
LBrands 4Q16 4,489 4,395 2.1 43.3 45.6 (226) 632 636 (0.7) 3,855 3,743
Lowe’s 4Q16 15,784 13,236 19.3 34.4 34.7 (25) 663 11 5,927.3 2,129 1,857
Nordstrom 4Q16 4,316 4,194 2.9 37.0 35.6 136 201 180 11.7 349 323
RossStores 4Q16 3,510 3,251 8.0 27.7 26.6 107 301 264 13.8 1,533 1,446
StevenMadden 4Q16 336 344 (2.3) 38.7 36.1 263 29 26 11.7 189 169
Target 4Q16 20,690 21,626 (4.3) 26.9 27.9 (95) 817 1,426 (42.7) 1,802 1,792
Wayfair 4Q16 985 740 33.1 24.2 23.8 48 (44) (15) (183.7) N/A N/A
WEINSWIG’SWATCHING
InEuropethisweek,theFungGlobalRetail&TechnologyteamattendedtheMobileWorldCongressinBarcelonaandtheProfessionalBeautyLondonconference.InNewYork,theteamattendedTarget’sFinancialCommunityMeetingandaLocationBasedMarketingAssociationeventcalledMasteringtheTechnologicalMobileRoadmapontheNewCustomerJourney.TheteamalsoattendedtheAmericanApparel&FootwearAssociationExecutiveSummitinWashington,DC.
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March3,2017
DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
NumberofDistressedUSRetailersatHighestLevelSinceGreatRecession(February28)MarketWatch.com• AccordingtoMoody’sInvestorsService,thenumberofUSretailersrankedatthemost-
distressedlevelofthecredit-ratingspectrumhasmorethantripledsincetheGreatRecessionof2008–2009andisheadingtowardrecordlevelsinthenextfiveyears.
• Theratingagencyisthelatesttoweighinonthestateofthesector.Initsretailandapparelportfolio,19companies,or14%ofthetotal,arenowtradingatCaa/Ca.Thatisdeepintospeculative,or“junk,”territory,andthepercentageisclosetothe16%thatwereconsidereddistressedduringthe2008–2009period.
USRetailersDestockandRestockFaster,BoostingFreight(February24)JOC.com• EvidencethatinventorydestockingisatleastpartiallyresponsiblefortherecentsurgeinUS
importsandrisingdomesticfreightvolumesisshowingupinretailers’earningsreports.Severalstorechainshaveclaimedthattheirreducedstockpileshelpedboostpricingandprofitinlate2016.
• Buttransportationexecutivessaydestockingisfarfromevenacrosstheretailsector,letaloneinotherindustries.Althoughsomeareenjoyinganearlier-than-usualuptickinfreightdemandinthefirstquarter,othersarestillwaitingforaneventbigenoughtojogthedemanddial.ThelargestUSretailer,Walmart,reportedabigreductioninUSinventoriesthisweek,bothacrossthecompanyandonacomparablestorebasis.
JCPenneytoCloseupto140stores,OfferBuyouts(February24)USAToday• JCPenneyplanstoclose130–140storesandofferbuyoutsto6,000workersasthe
department-storeindustrysagsincompetitionwithonlinesellersandnimblenicheretailers.Thecompanysaidthatitwouldshutter13%–14%ofitslocationsandintroducenewgoodsandservicesaimedattheshiftingpreferencesofitscustomerbase.
• Thecutscomeamidmountingchallengesforonce-stalwartdepartmentstorechainssuchasMacy’sandSears,whicharealsoaggressivelyclosingstoresinordertoshedcostsasshoppersflocktoalternatives.Macy’srecentlyannouncedplanstoclose100ofits675full-linestores.Searssaiditplanstoclose150stores,including108Kmartlocations.
AnOverwhelmingNumberofRetailersAreLosingMoneyChasingAmazon(February22)CNBC.com• Brick-and-mortarretailersarebecomingmorecompetitiveonlinebyprovidingtighter
deliverywindowsandofferingtheoptiontopickupdigitalordersin-store.• Thereisonlyoneproblem:astheyinvestbillionsofdollarstoclosethegapwithAmazon,
theoverwhelmingmajorityoftraditionalretailersstillhavenotfiguredouthowtoprofitablyfillordersthatincorporateboththewebandthestore.AccordingtoanewreportbyJDASoftwareandPwC,only10%of350globalretailerssurveyedaremakingmoneyfulfillingthesetypesoforders.
EUROPERETAILEARNINGS
*ThemergerbetweenDutchgrocerAholdandBelgiansupermarketgroupDelhaizetoformAholdDelhaizecameintoeffectonJuly24,2016.AlldataabovearepreparedonanIFRSbasisanddonotrepresentthegroupproforma.ThedatarepresenttheformerAholdcompanyforthefullyearplustheformerDelhaizecompanypostmerger,fromJuly24,2016.**Asofdateofmerger,July24,2016Source:Companyreports/FungGlobalRetail&Technology
Company
Revenues(USDMil.)
ChangeinUSD(%)
ChangeinReportingCurrency
(%) GrossMargin(%)Change(bps)
NetIncome(USDMil.)
YoY%Change StoreFleetEOP
Period TY LY TY LY TY LY TY LY
DIA FYEDec31 9,813 9,905 (0.9) (0.6) 22.9 22.4 54 286.2 282.0 1.5 7,799 7,718
AholdDelhaize* FYEDec31 54,990 42,395 29.7 30.1 26.9 27.3 (42) 918.4 944.4 (2.7) 6,566 6,678**
Zalando FYEDec31 4,027 3,283 22.7 23.0 44.2 45.1 (87) 133.3 134.8 (1.1) N/A N/A
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March3,2017
DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
EUROPERETAILHEADLINESTescotoCut1,700ConvenienceStoreDeputyManagerRoles(February27)Companypressrelease• TheUK’sbiggestgroceryretailer,Tesco,announcedthatitplanstocutatleast1,700deputy
managerrolesacrossits1,800Expressconveniencestores.Thecompanywillcreate3,300shiftleaderroles,whichpaylowersalaries,inplaceofthedeputymanagerroles.
• Tescoaddedthatitwillfinanciallysupportaffectedstaffthattakeonshiftleaderroles.ThisnewscomesjustweeksafterrivalgrocerWaitroserevealedthatitiscuttingsome500jobsandjustdaysafterJohnLewissaidthatitiseliminatingnearly400rolesinordertosimplifycompanystructures.
LidlUnveilsNewConceptStoreinFrance(February28)ESMMagazine.com• GermandiscountgrocerLidlhasunveiledanewconceptstorecalledLoftinCalais,France,
whereitalreadyhastwostores.Loftfeatureswideraislesandmorethan1,600products.Thestore’sheat-reductionandwaste-recyclingprocessesmakeitenvironmentallyfriendly.
• LidlwilltestanewconceptinthestoreeverySundayinordertoassessconsumerdemandandsaidthatithashiredateamofstudentstohelpwiththetrials.
RegulatorFines19WebShopsinFranceforMisleadingPromotions(February24)RetailDetail.eu• France’sconsumeraffairsregulatorhasfined19webshops,includingthosebelongingto
Zalando,H&MandAmazon,atotalof€2.4million(US$2.5million).Theregulatorybodyclaimsthattheretailerspublishedmisleadingpromotionsontheirsites,insomeinstancesincreasingpricesbeforeofferingdiscountstomakeproductsappearcheaper.
• Amazon,ComptoirdesCotonnieresandZalandohavepaidtheirfines,whileH&M,GrosBillGerardDarelandothershaverebuffedtheclaims.TheregulatorsaidthatithasbeeninvestigatingsuchnoncompliantactionsoverthepastfewmonthsandthatitwillcontinuetowatchformalpracticeinFrenchonlineretail.
Boohoo.comUpgradesFY17Expectations(February28)Companypressrelease• UKfashionpureplayBoohoo.comannouncedthatitexpectsFY17revenuegrowthtocome
inataround50%,upfrompreviousguidanceof46%–48%.ThecompanysaiditexpectstodeliveranadjustedEBITDAmarginatthetopendofitspreviouslyguidedrangeof11%–12%fortheyearendedFebruary28.
• Boohoo.comalsoannouncedthatithadcompletedtheacquisitionofUSretailerNastyGalfor$20million,andthatitwillbeconsolidatedbeginningMarch1,2017.
JonesBootmakerUpforSale(February28)Retail-Week.com• BritishfootwearretailerJonesBootmakerhasbeenputupforsalebyitsowner,turnaround
specialistAlteriInvestors,whichboughtthecompanytwoyearsago.• Alteriisreportedtohaveinvestedinnewproductranges,anewheadofficeandan
improvedwebsitefortheretailer.In2016,AlteriputJonesBootmaker’ssisterfootwearchain,Brantano,throughaprepackadministration.
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March3,2017
DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
ASIATECHHEADLINESFoxconnIsTakingoverSoftBank’sInvestmentFundinAsia(February27)TechCrunch.com• FoxconnistakingoverSoftBank’sAsia-basedtechinvestmentfund.Themanufacturing
giant,whichisresponsibleforproducingApple’siPhoneandmanyothertechproducts,hasagreedtobuyamajority54.5%stakeinSoftBankAsiaCapitalinexchangefor$600million.
• TheestablishmentofthisjointventureisinlinewithFoxconn’soverallinvestmentstrategyandwillenablethecompanytoexploreandtapnewinvestmentopportunitiesthatwilldriveitssustainablebusinessdevelopment.
SamsungUnveilsTwoNewTabletComputers(February26)TheWallStreetJournal• AtaneventinBarcelonathisweek,SouthKoreantechnologygiantSamsungintroducedtwo
newtabletcomputersandalsoofferedaglimpseofhowitplanstomovepastlastyear’smassiveGalaxyNote7smartphonerecall.
• Despitethecompany’sannouncement,theauraoftheGalaxyNote7battery-firefiascohungovertheannualBarcelonaevent,whereSamsunghastypicallyreleasedthelatestiterationinitsflagshipGalaxySsmartphoneseries.
China’sHuaweiBattlestoOwntheNextGenerationofWirelessTechnology(February26)TheWallStreetJournal• Todevelop5Gtechnology,China’sHuaweideploysanR&Dstaffof80,000,challenging
Europe’sdominance.ThatcouldgiveHuaweiasizableedgeatatimewhenallsuppliershavesettheirsightson5G,whichpromisestobeawellspringofrevenuebyenablingsmootherandfasterinteractionbetweenconnectedobjects.
• Huaweihasexpandedrapidlyinrecentyearsinmuchoftheworld,evenasitsmainstaytelecom-gearbusinesshasbeeneffectivelyshutoutoftheUSmarket.ThecompanyhasalreadyovertakenSweden’sEricssonastheworld’slargestsupplierofwirelessequipmentbyrevenue.
BaiduSaysWorstofAdvertisingScandalinthePast(February24)FinancialTimes• ChinesesearchenginecompanyBaidunarrowlymissedrevenueexpectationsinthefinal
quarteroflastyearasitworkedtoreassureinvestorsthattheworstofanadvertisingscandalwasbehindit.ThescandalinvolvedayoungmanwhodiedafterbuyinganexperimentalcancertreatmentadvertisedonBaidu.com.Sharesroseslightlyduringafter-hourstradinginNewYorklastThursday.
• BaiduisChina’sthird-biggestInternetcompany,anditisfacingstiffcompetitionasittriestoenticeadvertisers.RivalsTencentandAlibabaareprovingsavvyatattractingmobileapptimeandvaluableuserinformationviatheirrespectivesocialmessagingappandonlinemarketplace.
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March3,2017
DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
LATAMRETAILANDTECHHEADLINESBrazilRetailerGPAReportsQuarterlyLoss,MissingForecasts(February24)Reuters.com• GPA,Brazil’sbiggestretailer,reportedafourth-quarternetlossofR$29million(US$9
million)lastFriday,missingforecastsforitsfirstprofitinsevenquartersduetoweaksupermarketsalesandaheftytaxprovision.
• ThegrossprofitmarginofGPA’sfoodretaildivisionslipped2.1percentagepoints,to26.9%,ondeeperdiscountsdesignedtokeepsalesgrowingatthecompany’ssupermarketsandhypermarketsduringBrazil’sworstrecessioningenerations.
MexicoRetailSalesFallbyMostinThreeYearsinDecember(February24)Reuters.com• Mexicanretailsalespostedtheirbiggestmonth-over-monthdropinnearlythreeyearsin
December,officialdatafromtheMexicannationalstatisticsagencyshowed.Retailsalesfellby1.4%inDecemberfromNovember,thebiggestdropsinceJanuary2014.
• Yearoveryear,salesgrewby9.0%inDecember.ThefigurewaslowerthanNovember’s11.2%,buthigherthanDecember2015’s3.4%,indicatingarelativelystrong2016calendaryearfortheMexicanretailmarket.
DisburzeandBancoRendimentoIntroduceNewB2BServicetoBrazil(February28)Finextra.com• Disburze,apaytechcompanybasedinNewYorkCitythatisrewiringhowbusiness
paymentsaremade,andBancoRendimento,oneoftheleadinginstitutionsinforeignexchangeoperationsinBrazil,announcedthelaunchofanewbusiness-to-businessserviceinBrazil.
• ThenewserviceenablesbusinessestoseamlesslysettleinvoicesinBrazilianreais.DisburzealsoaimstoallowBrazil-basedbusinessestomovefundsoutofBrazilandintoitsgrowingpaymentnetworkaroundtheworldinthefuture.
Walmart’s2016ReviewinLatinAmerica(February21)RetailAnalysis.igd.com• WalmexcontinuestoleadintheMexicanmarket,withavarietyofformatsdeliveringsales
growthaheadofthemarket.In2016overall,totalMexicosame-storesalesgrowthcameinat8.0%,withgrowthinthefourthquarterupacreditable7.9%.
• WalmarthasplacedmuchfocusonreenergizingitsoperationsinBrazil,usingacombinationofstoreclosuresandstorerefurbishmentstohelpcreateastorenetworkthatappearsbetterequippedtosucceedinthelongerterm.
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March3,2017
DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
EARNINGSCALENDAR
Sales(Mil.) EPS
CompanyEarnings
ReleasePeriod Date ConsensusTY LYActual ConsensusTY LYActual Currency
BigLots(BIG) 4Q16 Mar3 1,590 1,584 2.22 2.00 USD
AscenaRetailGroup(ASNA) 2Q17 Mar6 1,749 1,843 (0.10) 0.02 USD
CasinoGuichardPerrachon(CO.PA) FY16 Mar7 40,391 46,145 2.29 1.82 EUR
UrbanOutfitters(URBN) 4Q17 Mar7 1,034 1,013 0.56 0.66 USD
Adidas(ADS.DE) FY16 Mar8 19,301 16,915 4.89 3.65 EUR
Express(EXPR) 4Q16 Mar8 678 766 0.29 0.69 USD
SteinMart(SMRT) 4Q16 Mar8 389 394 (0.05) 0.15 USD
VeraBradley(VRA) 4Q17 Mar8 138 154 0.23 0.41 USD
Carrefour(CA.PA) FY16 Mar9 76,769 79,409 1.50 1.57 EUR
Morrisons(MRW.L) FY17 Mar9 16,187 16,122 0.11 0.12 GBP
Ulta(ULTA) 4Q16 Mar9 1,541 1,268 2.13 1.70 USD
AlimentationCouche-Tard(ATD-B.TO) 3Q17 Mar14 11,155 9,331 0.67 0.53 USD
Dick’sSportingGoods(DKS) 4Q16 Mar14(E) 2,479 2,240 1.30 1.13 USD
DSW(DSW) 4Q16 Mar14(E) 692 672 0.16 0.14 USD
SalvatoreFerragamo(SFER.MIL) FY16 Mar14 1,437 1,430 1.14 1.03 EUR
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March3,2017
DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
EVENTCALENDAR
Event Location Date(s)
FungGlobalPresenting/Attending
NYFashionTechLab2017LaunchEvent NewYork,NY Mar7–8 √
SXSW Austin,TX Mar10–19
BrandInnovatorsChallengerBrands Austin,TX Mar12
RetailLocoatSXSW Austin,TX Mar12
AdidasInvestorDay Herzogenaurach,Germany Mar14 √
InternationalHome+HousewaresShow Chicago,IL Mar18–21
Shoptalk LasVegas,NV Mar19–22 √
CodeCommerceSeriesatShoptalk LasVegas,NV Mar20
WWDMen’sWearSummit Brooklyn,NY Mar21
ICSCRetailConnections London,UK Mar22 √
ULICarolinas’Meeting Charlotte,NC Mar23–24 √
ShopperMarketingSummit NewYork,NY Mar27–29
WWDRetail20/20:TheNewStoreExperience NewYork,NY Mar28 √
PlattRetailInstituteDigitalRetailForum LasVegas,NV Mar28 √
GlobalShopShow LasVegas,NV Mar28–30 √
IsraelDealMakersSummit2017 SanFrancisco,CA Mar28–30
InsideRetailLive–FestivalofRetailIdeas Sydney,Australia Mar29–31
BrandInnovatorsMobile&Millennials Chicago,IL Mar30
GlobalFootwearRetailConference HongKong Mar30
VFCorp.AnalystDay Boston,MA Mar30
WorldRetailCongress Dubai,UAE Apr4–6 √
BrandInnovatorsEntertainmentMarketing LosAngeles,CA Apr13
GlobalRetailingConference Tucson,AZ Apr20–21 √
NACDSAnnualMeeting Scottsdale,AZ Apr21 √
NABShow LasVegas,NV Apr22–27 √
WWDRetail20/20:TheNewStoreExperience London,UK Apr25
JDAFocus2017 LasVegas,NV Apr25–28
C-star2017 Shanghai,China Apr26–28
ICSCChinaRetailSummitandConnections Shanghai,China Apr28–29
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March3,2017
DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
DeborahWeinswig,CPAManagingDirectorFungGlobalRetail&TechnologyNewYork:917.655.6790HongKong:852.6119.1779China:86.186.1420.3016deborahweinswig@fung1937.comKirilPopovSeniorAnalyst
JohnHarmon,CFASeniorAnalyst
JohnMercerSeniorAnalyst
StevenWinnickResearchAssociate
CharliePoonResearchAssistant
ZaneYangResearchAssistant
HongKong:8thFloor,LiFungTower888CheungShaWanRoad,KowloonHongKongTel:85223004406London:242-246MaryleboneRoadLondon,NW16JQUnitedKingdomTel:44(0)2076168988NewYork:1359Broadway,9thFloorNewYork,NY10018Tel:6468397017FungGlobalRetailTech.com